UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE |
For the quarterly period ended September 30, 2003
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CERUS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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68-0262011 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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2411 Stanwell Dr. |
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(Address of principal executive offices, including zip code) |
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(925) 288-6000 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NOo
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). YES ý NOo
As of October 31, 2003, there were 22,059,814 shares of the registrant’s common stock outstanding.
CERUS CORPORATION
QUARTERLY
REPORT ON FORM 10-Q
THREE MONTHS ENDED SEPTEMBER 30, 2003
TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CERUS CORPORATION
UNAUDITED
(in thousands)
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September 30, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
52,878 |
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$ |
22,435 |
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Short-term investments |
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70,247 |
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41,883 |
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Accounts receivable from related parties |
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25 |
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46 |
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Accounts receivable and other current assets |
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4,680 |
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2,884 |
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Total current assets |
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127,830 |
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67,248 |
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Furniture and equipment, net of depreciation |
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3,388 |
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5,547 |
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Other assets |
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151 |
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152 |
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Total assets |
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$ |
131,369 |
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$ |
72,947 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable to a related party |
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$ |
6,180 |
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$ |
8,538 |
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Loan and interest payable to a related party |
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54,417 |
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— |
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Accounts payable |
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2,637 |
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2,022 |
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Accrued expenses |
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4,802 |
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5,449 |
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Deferred revenue |
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611 |
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718 |
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Current portion of capital lease obligations |
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28 |
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35 |
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Total current liabilities |
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68,675 |
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16,762 |
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Capital lease obligations, less current portion |
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— |
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16 |
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Total stockholders’ equity |
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62,694 |
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56,169 |
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Total liabilities and stockholders’ equity |
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$ |
131,369 |
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$ |
72,947 |
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See notes to condensed financial statements.
3
CERUS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
(in thousands, except per share data)
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Three
Months Ended |
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Nine
Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue: |
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Milestone and development funding, related parties |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
5,002 |
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Development funding, other |
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257 |
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167 |
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539 |
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306 |
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Government grants and cooperative agreements |
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2,587 |
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563 |
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5,549 |
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1,574 |
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Product sales |
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24 |
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— |
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52 |
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— |
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Total revenue |
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2,868 |
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730 |
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6,140 |
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6,882 |
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Operating expenses: |
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Research and development |
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13,400 |
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14,881 |
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42,847 |
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41,286 |
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General and administrative |
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2,587 |
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2,925 |
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8,105 |
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8,751 |
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Total operating expenses |
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15,987 |
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17,806 |
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50,952 |
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50,037 |
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Loss from operations |
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(13,119 |
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